Not sure if this was talked about and couldn’t find it on the forums.
I know it’s not a good idea to put anything down on a lease, except for DAS if you have to, but does this also apply to financing?
If you put 10% down and finance the balance of the car and get totaled don’t you lose the 10% off the bat?
vs.
If you don’t put anything down for financing, your payments would be huge.
For financing, is there a rule of thumb for down payment?
It doesn’t really matter…you are on the hook for the total financed anyway…unless you wanna take a credit hit. If the insurance covers only a portion you will have to cover the rest. The down payment it really depends on the interest rate and on your financial situation and discipline. If money is cheap then go 0 down and put that money to work somewhere else.
Why not get the same GAP through car insurance and be covered for the difference of the car value and loan balance in case of a totaled car?